Private equity executives were right to be worried early this year about the impact rising interest rates would have on their firms. Since then, deal volume has slumped and fund raising has slowed. Nevertheless, their employees are expecting raises this year — if they didn’t get one already.

The median total cash compensation for all levels of private equity employees — analysts through managing directors and partners — rose 13 percent in 2023, according to a survey of 1,179 workers across the U.S. by Odyssey Search Partners, a recruiting firm focused on alternative investment professionals. Analysts, the most junior employees, got the biggest bump this year, with a 21 percent increase in total cash compensation. All others expect raises in 2023, except for managing directors and partners, who said theirs would be flat. READ MORE